By Robert Gnaizda

No efforts by the banking industry, by the federal regulators or Secretary of the Treasury Paulson will protect the vast majority of those who live from paycheck-to paycheck from foreclosure. Hope Now’s failures are a classic example of the failure of voluntary action without the threat of effective action via either class action law suits or sweeping legislation to prevent most foreclosures.

The proposed legislation we are requesting today will create an incentive for the nation’s largest home originator, BofA/Countrywide, to take immediate effective action to prevent the vast majority of foreclosures created through Countrywide’s senior executive conspiracy to commit fraud by inducing borrowers to purchase homes on terms they could not afford.

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